Honesty is the best policy....

By
Real Estate Broker/Owner with The Home Buyers Dream Catcher

Before you start searching for a home it's best to get pre-approved.  I will not work with a buyer that will not or can not obtain the financing.  Buyers that are pre-approved are in a better position to negotiate with the seller and get the best possible price and terms. 

As a buyer you can also obtain a copy of your credit report from the three major credit bureaus and review the information. You will be well informed, you can dispute any errors and you can inform your lender of blemishes at the start.

Another recommendation, if you are going to shop rates, let your lender know up front.  Tell them that you will be shopping  and that you are not totally sure that you will be using them.  When you do this you are avoiding burning any bridges for future financing, you are also letting them know that they should be giving you the best possible that they can offer, and you are stopping them from spending their time processing your loan when indeed you may not need their services.

     Questions Email Sabrina

Comments (4)

Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs
Your cartoon is great, who did it for you? Hot day so going to stay inside. Business is slow down here. dont know what to do with my self after the past year of Katrina excitement.
Aug 22, 2006 06:04 AM
Ann Guy
NA - Allentown, PA

Ditto on the cartoon.

RESPA now requires that a credit score disclosure be sent with the rest of respa.  If clients want to shop around, they should have a credot score after the first application and can use that vs. having the credit bureau pulled numerous times which can adversely affect the score ehich may affect thier rate.

Aug 22, 2006 07:44 AM
Sabrina Aughey
The Home Buyers Dream Catcher - Woodstock, GA

Thanks about the cartoon, here is the link for the caricature  RealEstateCartoon.com

not a bad price either.  Thanks Ann also for your comment concerning asking for your credit report, etc.

Aug 25, 2006 12:07 PM
Anonymous
Kristin Morrison

Totally agree with you about honesty being the best policy but I think more Loan Originators should follow that rule too.  I've found that so many lenders just flat out lie to their customers and they don't find out the truth until they are at the closing table.  The customer is required to sign so many RESPA docs in the beginning of the process, they stop reading and paying attention after the first few.  I've helped numerous customers review their "Good Faith Estimates" and they have no idea what they are looking at. 

P.S. Love the cartoon!

Sep 20, 2006 02:57 PM
#4